As usual, anything you suggest is a good idea.
The two strangest economic facts of my lifetime are the persistence of low inflation (at least for many items) and the incredibly low interest rates. I suppose we do have world-wide production of everything from corn to flat screen TVs in amounts sufficient to keep prices down. In the United States, a stroll through any shopping mall or large grocery store shows an abundance of things far beyond the minimum necessary for a comfortable life, let alone mere survival. This capacity for increased production is something Milton Friedman and other monetarists never anticipated.
Nevertheless, as a great many of us agree, the limitless expansion of credit and fiat money must at some point reduce the value of all, or almost all, world currencies, and at that point (as we all know, or many of us reading this thread know) gold becomes the most convenient store of monetary value.
I don't want to worship a golden calf, but whether it's a mantra, a creed, a slogan, a pledge of allegiance, a loyalty oath, or a salute, I will go on repeating, "Hail Gold!" I would not have done that 14 years ago, and I used to quarrel with people who did. But then came Greenspan and Bernanke. |
